Bank of America, Morgan Stanley Ride European Bank Rally

By Avi Salzman

Investors in Bank of America and other big U.S. bank stocks were unperturbed by the jobs-report-related volatility that plagued the rest of the market on Friday. Instead, they appeared to be coasting along with big European banks on ECB President Mario Draghi’s wings.

The Thursday rally spurred by Draghi’s announcement of an “unlimited” ECB bond-buying program continued on Friday for some of the big European banks. U.S. listed shares of Deutsche Bank (DB) and Barclays (BCS) rose more than 6% on the day.

Bank of America (BAC) and Morgan Stanley (MS) likewise posted big gains on Friday, rising 5.4% and 5.1% respectively. Competitors like Citigroup (C) posted less robust gains, but were likewise up on the day.

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SEPTEMBER 9, 2012 2:57 P.M.

Nancy Osmond wrote:

"Investors in Bank of America and other big U.S. bank stocks"

Well, good for the investors in the banks, Myself, when you are a company that has an ego large enough to say your not only a bank, or an american bank, but your "THE American Bank", and the only way to service your account is via one of two ATMs in Denver, America's 4th largest city, well, you kinda have to check your ego a bit.

I'm not a big fan of American Banking, based on how much money can be created based on servicing an account, but hopefully, Bank of America considers packing up shop, and heads to Europe, where it can sell more risky assets to European banks. After all, if no one can regulate the Bank of America to create value-added services related to assets and accounts, selling the assets to other country's banks is I guess why they were called Countrywide Mortgage.

SEPTEMBER 14, 2012 3:49 P.M.

May Rowray wrote:

Once you are hunting for a job the would-be boss may look for confidence and even more importantly in addition imagine that you're able to perform the task

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